To move ahead with setting up an organization, seed funding should be secured, initially. Adequate seed funding will ensure that the enterprise has enough funds to move ahead with creating a structure, recruitment and other aspects.
Once seed funding is infused into a new enterprise, the next step is to create an organizational chart to decide the workforce requirement. After developing a clear organizational chart and defining job roles for your organization, you should focus on team building. To build a sound team, you should recruit personnel who have a clear understanding of the niche i.e. sportswear.
We need to focus on forging a business alliance with Columbia Sportswear initially. As an new startup it will benefit from the strong brand image and will help in initial launch.
The next step should be to study and understand the current market situation through direct interviews and market surveys. This will help us to get a grip of local market demand and consumer preferences.
Tabulating the results of surveys will help us to analyze the demand-supply dynamics and take a decision regarding the product mix. Make sure to comply with national, local and legal policies regarding surveying and direct interviews to avoid any issues at a later stage. Analyze the market share of prospective customers and define the market position for the new product. Based on the stature of the product, effective marketing strategies will have to be designed that would click well with prospective customers.
Once you are done with developing a marketing strategy, allocate the required budget for marketing sales force for marketing and determine a sales channel in a local market.
After analysis and setup, focus should be shifted towards technical aspects associated with production. Conceptualization of hijab offerings should be followed by developing stringent operations and evaluation standards.
Once the offerings are finalized, suppliers should be looked for to source material, equipment and utilities. When we are done with finalizing everything, we should set requirements for raw material, labor and overheads, after which Barmal will need to review technical and production feasibility. Based on feasibility results, company will be able to create a detailed estimation of operating costs.
Retail Fashion Store Channel
After finalizing on production, the next step should be the selection of distribution methods. For this, one needs to identify potential marketing intermediaries and hire sales/distribution teams as per the distribution model. Negotiate business terms with retailers and other distributors and implement distribution model for the selected areas.
To make product launch successful, company will have to define a detailed corporate strategy. Based on the market analysis, finalize the launch pricing of the product. Create a dedicated support function that can take care of required documentation, material and training.
Coordinate with marketing, sales and PR teams to define product positioning and ensure right message gets delivered to the target audience. At this stage, estimate your potential leads and customers that will help you find the expected sales revenues and profits.
Sales Promotion & Advertising Campaign
For effective promotion, a multi-channel advertising campaign must be initiated. First of all, develop a website and mobile app for users. Invest in building strong social media presence across major platforms such as Facebook, Instagram, Twitter, Pinterest, etc.
To quickly become discoverable, we can also invest in publishing print advertisements in women’s magazines, launch a paid advertisement campaign online on Google Ads platform and social media. Reaching out to customers via instore coupons, mailers, emails, pamphlets and brochures can also lead to increased engagement and sales.